New Resort Brand Closes Early Round With Prominent LA-Based Private Equity Investors
Barry Porter and David Lee Top-Up Financing For Emerging Resort Chain Focused on Fast-Growing Music Festival Crowds
Los Angeles, California, May 15, 2019 (Newswire.com) - The Experience Resorts company today announced the over-subscription of a round of capital tied to the launch of its first tropical resort funded by prominent investors led by Los Angeles based investors Barry Porter and David Lee. The company, which specializes in the high-growth affinity-based tourism industry, which, last year, numbered 15,000 festivals worldwide, has been test marketing its business for several years and is now planning a Caribbean launch of its first resort, designed to deliver a new themed event each week.
“Barry’s and David’s involvement with The Experience represents a big vote of confidence in the business and we are incredibly excited to have them involved,” said Jak Severson, CEO of The Experience Resorts. “They have been involved in leading global businesses for decades and have a great perspective on large global consumer trends that will help shape our growth.”
Mr. Porter has spent more than three decades involved with media and hospitality companies, having led the media and gaming divisions of Bear Stearns before he and Dr. Lee were co-founders of international telecommunications company Global Crossing and later helping to launch private equity firm Clarity Partners. Dr. Lee has also been involved with international businesses for decades having previously served in executive capacities at TRW and Comsat.
“Consumer entertainment is changing shape every day, driven by the way we engage our social passions. The hospitality industry has been slow to understand its role in this enormous and evolving space,” said Porter. “The Experience Resorts has figured out what this consumer wants, shape-by-shape, and is building each week to suit their experiential interests.”
The Experience Resorts is focused on launches in the Caribbean and in the Asia-Pacific region. Each resort features several entertainment venues, pools, a lazy river and a unique music grotto for late night entertainment.
Source: The Experience Resorts